I need help creating a thesis and an outline on Managing Hospitality Resources. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. The following activities and factors need to be taken into consideration in this quest and the following steps will be considered in this research:
A stakeholder is defined as a person who affects or is affected by a given business (Morton, 2007). In order to choose a new hospitality concept for a redundant building, a senior manager needs to be aware of the various stakeholders of the company they work for and try to satisfy each stakeholder’s needs. This, therefore, means that the management of the company will have to do a lot of work to understand what the motivations of each stakeholder group are and try to find the strengths of the stakeholders at each point in time and try to factor everything in the new concept.
1. Shareholders: These are the people who fund the organization and are owners of the company. They expect returns on their investments and will expect that the redundant building is put to the highest and best use so that they get optimum returns on investment. This group is powerful because they have the power to authorize and reject any decision taken by management on the use of the land. Investors, therefore, need assurance of operating efficiency and success or failure of the venture (Lockyer, 2007 p4)
3. Local Customers: These are customers within the UK that will frequent the premises if it is put to a given user. Thus if the building is converted to a hotel, these customers are likely to become the people who will visit the premises regularly. They are likely to be aware of other competitors and can influence the revenue generated by the company
4. International Customers: These include tourists and other foreigners who might want to visit or lodge in the re-developed building. The choice of a new way of using the land is therefore dependent on the kind of arrangements that attracts them to lodge in there since their patronage will determine the revenue base.